THE VENTURE CENTRE / LE CENTRE DE DÉVELOPPEMENT
ADMINISTRATION FEE AND INTEREST CHARGES:
A one- time administration fee of 1% of the current loan amount may be charged on all advances and guarantees.
The regular rate of interest to be applied on any investment/loan from the investment fund shall be 10%.
LIMITS OF FINANCIAL ASSISTANCE: The total amount of assistance provided to any eligible applicant or business will not normally exceed $250,000.00.
ELIGIBILITY CRITERIA: Financial assistance shall only be provided by The Venture Centre/Le Centre de développement to business projects:
• That would employ predominantly local people residing in the catchment area of The Venture Centre/Le Centre de développement in respect to jobs created or maintained.
• In the judgment of The Venture Centre/Le Centre de développement, have a reasonable expectation of economic and commercial viability.
• Must first apply to a commercial lending institution and shall not be provided with financial assistance unless they are unable to obtain adequate funding from them.
• Business enterprises applying for assistance are to be located or proposing to locate within the designated boundaries of The Venture Centre/Le Centre de développement.
• Must be suitable for public funding (eg: not involved in the commercial exploitation of sex, religion, politics or illegal activities).
LEGAL AND OTHER FEES:
Documentation will be prepared by a solicitor chosen by The Venture Centre/Le Centre de développement and any and all fees are the responsibility of the client.
A copy of the applicants photo ID will be required for our files.
REPAYMENT: Payments are due on the 15th of each month and will be via automatic debit to the client’s bank account. Late or returned payments are subject to a fee.
I/WE HEREBY ACKNOWLEDGE THE AFOREMENTIONED POLICY: